White House says oil price spike is temporary as Trump pushes energy dominance amid Iran war
Fox News
Karoline Leavitt says oil price spike from Iran conflict will be short-lived as Trump's energy strategy aims to stabilize markets and ease pressure.
Taylor Penley is an associate editor with Fox News.
Leavitt said the administration is taking immediate steps to keep global energy supplies moving despite the conflict. She noted that the president has announced political risk insurance for cargo vessels and oil tankers navigating the Strait of Hormuz, a key chokepoint for approximately 20% of global oil shipments.
She added that the U.S. Navy is prepared to escort tankers if necessary to ensure oil continues flowing through the region. The administration is also working to increase supply elsewhere, including by tapping into expanded access to Venezuelan oil markets following the collapse of the Maduro regime.
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